Tim Hortons’ expansion brews excitement with new outlets in Bengaluru

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September 18, 2023

Tim Hortons, the well-known Canadian coffee chain, is all set to make its mark in Bengaluru, India. Given that Karnataka, recognized as the coffee capital of India, contributes a significant 70 percent of the nation’s coffee production, it’s only natural for Tim Hortons to choose this vibrant region as the perfect place to unveil its newest haven for coffee enthusiasts.

These significant openings are scheduled for Terminal 2 of Kempegowda International Airport and the lively Koramangala neighborhood. This represents a major achievement in Tim Hortons’ expansion plan, as it introduces its iconic beverages and delicious offerings to the southern region of India.

Starting from September 15th, customers will have the delightful opportunity to enjoy Tim Hortons’ renowned 100 percent premium Arabica coffee and indulge in iconic beverages such as the rich and creamy French Vanilla, the Java Chip Iced Capp, a refreshing blended frozen coffee treat, along with made-to-order meals and freshly baked goodies, including the beloved bite-sized traditional donuts known as Timbits.

As a testament to its dedication to embracing local flavors and preferences, Tim Hortons is adding two delightful regional specialties to its menu: the Ghee Roast Paneer Pocket and the Pepper Chicken Pocket. These additions celebrate the rich culinary heritage of Southern India and enhance Tim Hortons’ current food menu, which includes favorites like the Five Cheese Melt, Bagels, Piadinas, and more.

The Kempegowda location embodies Tim Hortons’ innovative approach, showcasing distinct Canada-inspired decor elements and introducing a range of specialty brewing techniques to elevate the customer experience. This offers fresh and unique ways for patrons to savor Tim Hortons’ signature coffee blends.

The store’s welcoming atmosphere, combined with its friendly staff, will foster a hospitable environment where visitors can relax, work, or socialize with friends while enjoying their beloved Tim Hortons treats.

Tarun Jain, CEO of Tim Hortons India, expressed, “The expansion of Tim Hortons into Bengaluru is a momentous occasion for us. Following the brand’s success in Delhi, Punjab, and Mumbai, we are thrilled to offer the same experience to this vibrant city, all while paying tribute to local culinary traditions. This marks a significant stride in our journey, and we eagerly anticipate becoming a part of the Bengaluru community.”

Thiago Santelmo, EMEA President of Restaurant Brands International said, “As we continue our expansion in India. We look forward to introducing more coffee aficionados across the country to our signature Tim Hortons beverages and delectable food.”

The grand opening celebrations started on September 15th at 2:00 pm in Terminal 2, Departures, Kempegowda International Airport, and on September 16th at 5:00 pm in Koramangala, 8th Block.

Zomato’s stock surges 1.7% as investors show increasing faith in the company’s growth

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September 18, 2023

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Zomato’s stock witnessed a 1.7 percent surge in trading activity on the NSE on September 18. This noteworthy uptick can be primarily attributed to the increasing faith that investors have placed in the company, bolstered by Zomato’s impressive showcase of revenue growth and margin expansion prospects.

As per a Jefferies report, the majority of investors praised CFO Akshant Goyal during the company’s US roadshow for effectively fulfilling commitments made a year prior.

“Scepticism was high back then, while the exact opposite is true now,” Jefferies said in the note.

The Zomato CFO anticipates a 20-25 percent increase in the value of its food delivery segment, while the new quick commerce business is expected to achieve a remarkable 60 percent Compound Annual Growth Rate (CAGR). Jefferies emphasized that the food delivery sector has significant growth potential in India, with restaurants accounting for only 10 percent of total food consumption. Zomato (along with Swiggy) is facilitating this growth by sharing local insights with restaurants, leading to improved cuisine diversity and increased local demand.

Conversely, Zomato’s quick commerce sector has the potential to surpass even the food delivery segment in India’s extensive retail market.

Furthermore, Jefferies anticipates a gradual expansion of food margins to reach 5%, with quick commerce expected to achieve break-even within four quarters.

Jefferies, maintaining a ‘buy’ rating on the food delivery platform and setting a target price of INR 130, suggests that Zomato, currently catering to approximately 20 million monthly transacting users, possesses a substantial opportunity for customer acquisition and revenue expansion. However, the report notes that this growth trajectory might come at the expense of short-term profitability. Following its IPO, the company’s focus has shifted from immediate survival to preparing for the future, as per the report.

At 11:24 am, Zomato’s shares were being traded at INR 104.10, marking a remarkable 96 percent increase over the past six months.

Online fashion brand FableStreet expands to physical stores, targets 10-15 outlets by next year

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September 18, 2023

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FableStreet (Representative Image)

FableStreet, the online fashion brand, is venturing into brick-and-mortar retail, with ambitious plans to establish 10 to 15 stores by mid-September of the following year, as shared by Ayushi Gudwani, the Founder and CEO of FS Life.

The brand supported by Fireside Ventures is set to launch three flagship stores between mid-September and October. These stores will be located at Phoenix Marketcity in Kurla, Phoenix Palladium in Lower Parel, and Phoenix Mall of Millennium in Pune.

Additionally, the brand is actively exploring potential locations to establish stores in Delhi and Bengaluru.

“The average store size will be between 700-1,000 sq.ft and we plan to open at least five stores by the end of this fiscal,” she said.

At the outset, the brand will inaugurate its stores in well-suited malls and prime high street locations within metro and tier I cities. Subsequently, it will expand its presence further into tier II and beyond.

These stores are designed to provide an omnichannel experience, allowing customers to effortlessly explore the website and make in-store purchases. Nonetheless, the stores will consistently feature a selection of 200 to 250 styles at any given time.

“As we keep churning the inventory at a rapid speed, the store will be refreshed every two weeks,” she said.

The capital expenditure (CAPEX) required to launch a single store can vary between INR 30-50 lakh. The brand’s goal is to attain EBITDA profitability for each store within the initial 2-3 months of operation and recoup the capital investments within 1-1.5 years.

The brand boasts a 50 percent repeat customer rate, with an average cart size ranging from INR 3,200 to INR 3,300. Its online customer acquisition cost (CAC) falls within the range of INR 1,200 to INR 1,400.

Last fiscal, the brand notched INR 58 crore in revenue, and for the current fiscal year, it is setting its sights on exceeding the INR 100 crore milestone.

“By the end of this fiscal, the offline retail will contribute around 5 per cent of the overall revenue and by the end of next fiscal, we are aiming to take it up to 25-30 per cent,” she stated.

Having secured three rounds of funding thus far, the brand has dedicated approximately 20 percent of its fundraising efforts to finance its offline expansion in the form of a loan.

“We are planning to raise Series B investment and expect to hit the market early next year. We expect to raise $15-20 million to expand our offline presence and scale online presence, and we will also be using these funds for working capital and inventory build-up,” she said.

In addition to the established seven-year-old FableStreet, FS Life introduced two new brands – March Jewellery and PinkFort – just six months ago. The company anticipates that these two brands will contribute approximately 10-12 percent of its total revenue.

Malaysia’s ZUS Coffee to make international debut in the Philippines, plans six outlets by 2023

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September 18, 2023

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Malaysia’s ZUS Coffee is set to make its international debut this month with its first outlet in Quezon City, the Philippines.

The tech-centric coffee chain launched its inaugural store in Binjai towards the end of 2019 and currently manages around 290 stores throughout Malaysia.

In a LinkedIn post, Chief Operating Officer Venon Tian announced that ZUS Coffee intends to establish six outlets in the Philippines by the conclusion of 2023.

ZUS Coffee’s introduction to the international market in the Philippines has been in the works since March 2023 when the Filipino restaurant group Choi Garden Restaurant Company acquired a 35% stake in the coffee chain.

Speaking at the signing of the agreement, Choi Garden’s Chief Operating Officer Janica Lao said, “ZUS Coffee’s growth in Malaysia has been very quick in the last three years and they are incredibly determined in serving the local Malaysian market with localised flavours. We believe that they will do the same thing in the Philippines market.”

ZUS Coffee joins the roster of Asian coffee chains looking to expand in the Philippines this year, intensifying the competition among Southeast Asia’s coffee franchises.

The Japanese boutique café group % Arabica made its return to the Philippines in July 2023, following an 18-month hiatus during which it shuttered its three local stores. The Manila branch is anticipated to serve as a precursor to the opening of a % Arabica roastery in the Filipino capital before the year’s end.

The subsequent month, Jollibee Foods Corporation (JFC), a fast-food group, established a joint venture enterprise with Singapore’s Food Collective Pte. Ltd. (FCPL) to introduce Common Man Coffee Roasters to the Philippines. The inaugural location of this partnership, which also encompasses an agreement to introduce Tiong Bahru Bakery to the country, is scheduled to open in the coming months.

At the same time, Berjaya Food from Malaysia is gearing up to launch the inaugural Paris Baguette store in the Philippines during the fourth quarter of 2023, with plans to open five more outlets within the next year. Berjaya Food had previously introduced the South Korean bakery café chain to Malaysia in January 2023.

Coffee Day’s FY 2022-23 revenues soar 59% to INR 924 Crore as debt declines

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September 18, 2023

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On Friday, Coffee Day Enterprises (CDEL) announced a significant increase in its net revenues for the fiscal year ending on March 31, 2023. The company reported a remarkable 59% surge, reaching INR 924 crore, in contrast to the INR 582 crore recorded in the preceding fiscal year.

In the fiscal year 2022-23, the company’s consolidated coffee business played a significant role in its financial performance by contributing INR 869 crore to the top line. This segment accounted for a substantial 94% of the company’s net revenues, while hospitality contributed 5%, with the remaining 1% coming from other operations.

During the annual general meeting (AGM) held in Bengaluru on Friday, Company Chairman SV Ranganath provided a comprehensive overview of the company’s financials, including revenue, sales, debt status, and other pertinent information. The company, established by the late VG Siddhartha, is publicly listed and operates cafes, vending machines, and its hospitality venture under the Serai brand name.

During the fiscal year ending on March 31, 2023, the average daily sales per café experienced a notable surge, rising by 42% to reach INR 20,622. Simultaneously, the same-store sales growth (SSSG) surged by an impressive 50.59% over the same period. Ranganath reported that the café network achieved further consolidation, boasting 469 outlets spread across 154 cities.

In the past year, the number of operational vending machines saw a notable uptick, surging by 26%. At the same time, the average daily revenue per vending machine experienced a substantial increase of 65.80%, reaching INR 431. As of March 31 of this year, the total count of operational vending machines stood at 48,788.

As of March 31 this year, CDEL’s net debt decreased to INR 1,524 crore, which is a decline from INR 1,694 crore reported a year earlier. Specifically, the company had INR 1,297 crore in long-term borrowings and INR 303 crore in short-term borrowings as of March 31 this year.

The cafe market has been witnessing significant growth in the urban areas where a larger working population is inclined to accept western cuisines as well as baked products, Ranganath said. “Our vending business has also strongly benefited from our Café Network and Customer brand loyalty, apart from its world class range of products and machines…The hospitality industry, which suffered a significant setback due to the pandemic in the past two years, has experienced a reversal of fortunes in the fiscal year 2023 and is now steadily heading towards its growth path.”

The company, as highlighted by the CDEL Chairman, is leveraging cutting-edge technology to maintain a competitive edge. By implementing AI, they have enabled video analytics for a more insightful understanding of customer preferences and choices in cafes. Furthermore, the introduction of new snacks and beverages has contributed to revenue growth. The revitalized designs and renovations of cafes and resorts are enhancing the ambiance for both formal meetings and casual gatherings.

As of March 31, the Company’s net worth amounted to INR 3,376 crore, marking an 11% decrease from the INR 3,775 crore reported on March 31, 2022. This net worth was composed of a paid-up equity share capital of INR 211.3 crore, non-controlling interests amounting to INR 158 crore, and the company’s reserves and surplus totaling INR 3,007 crore as of March 31, 2023.

According to the SEBI order dated January 24, 2023, the company was in discussions with Crest Law, an independent law firm appointed by NSE, to initiate actions aimed at recovering outstanding dues owed to CDEL’s subsidiaries by Mysore Amalgamated Coffee Estates Ltd (MACEL). Crest Law is currently in the final stages of preparing the draft lawsuit to be filed by the company’s subsidiaries against MACEL.

Singapore-based Growtheum Capital Partners invests in Indonesia’s KIN Dairy

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September 18, 2023

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Growtheum Capital Partners (GCP), a private equity firm headquartered in Singapore, has revealed its investment in KIN Dairy, an Indonesian dairy product manufacturer, after successfully raising $567 million for its inaugural fund.

The specific financial details of the transaction have not been disclosed; however, insiders with knowledge of the situation suggest that the investment is approximately valued at $70 million.

Having made this investment, Growtheum has joined Mitsui & Co as a supporter of KIN Dairy’s ambitions to achieve market leadership within Indonesia’s dairy industry.

Earlier this year, Growtheum injected approximately $100 million into International Dairy Products (IDP) in Vietnam.

KIN Dairy, Growtheum’s latest dairy sector investment, stands out as a vertically integrated dairy manufacturer specializing in the production of yogurt and milk products under the KIN brand. Moreover, as per the announcement, it proudly operates one of the largest and only A2-cow dairy farms in Indonesia.

Nestled at an elevation of 1,350 meters above sea level in the mountainous expanse of West Java Island, this farm spans across 80 hectares and boasts state-of-the-art milking, feeding, and processing technologies.

“With the company’s relentless commitment to product innovation, nutritional values, and best-quality ingredients, KIN Dairy represents an attractive opportunity for GCP to realise the market opportunity,” said Kusnadi Pradinata, senior managing director at the PE firm.

Warren Choo, the President Director of KIN Dairy, expressed that the impressive track record of Growtheum Capital Partners in working alongside management teams to foster the growth and development of consumer companies in Southeast Asia aligns perfectly with the interests of the Indonesian manufacturer.

Approximately a month following the successful closure of Growtheum’s inaugural fund at $567 million, a figure slightly below its initial target range of $600 million to $800 million, this investment in KIN Dairy has been announced.

Growtheum SEA Fund I, focused on investments in Southeast Asia and India, successfully secured commitments from approximately 40 limited partners (LPs), including notable institutional investors like the World Bank’s International Finance Corporation (IFC) and the Asian Development Bank (ADB). The fund has already executed a series of investments as part of its deployment strategy.

Growtheum has made investments in several Indonesian companies, including the e-grocery platform AlloFresh, the digital lender Bank Allo, the hospital group Mitra Plumbon Healthcare Group, and IDP, among others.

The firm typically invests amounts ranging from $50 million to $350 million. While it tends to avoid smaller deals, Growtheum’s Managing Partner Amit Kunal mentioned earlier that it can adapt and be opportunistic with its investment sizes when necessary.

Superorder secures $10 Million in Series A and angel funding for restaurant growth solutions

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September 18, 2023

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Superorder, formerly known as Forward Kitchens, a company based in New York that offers growth management solutions for restaurants, successfully secured $10 million in Series A and angel funding.

Foundation Capital took the lead in this funding round, and it also saw participation from notable figures such as Michael Seibel (Managing Director of Y Combinator), Kyle Vogt (Co-Founder and CEO of Cruise), Jon Swanson (Chairman of Thumbtack), James Beshara (Founder of MagicMind), BBQ Capital, I2BF Global Ventures, and various other investors.

The company plans to utilize the capital to further its expansion efforts.

Established in 2019 by Raghav Poddar, Superorder empowers restaurants with a comprehensive suite of tools encompassing Order Management, Automated Marketing, Financial Management, an AI-driven Website Builder, and AI-enhanced Images & Menus. With a presence in over 180 cities, Superorder collaborates with more than 1,500 restaurants today, delivering solutions that drive increased revenue through delivery and takeout, especially via virtual brands. The company equips restaurants with the capability to efficiently manage shifts, automate their marketing efforts, and streamline financial operations. By leveraging its proprietary AI algorithms, Superorder assists restaurants in identifying unmet market needs, thus optimizing revenue and profitability for their virtual brands. Furthermore, the platform consolidates orders from various platforms into a unified system, saving time, reducing errors, and enhancing overall operational efficiency.

Furthermore, the company unveiled a range of generative AI and order management solutions tailored to enhance restaurant profitability from online sales. This funding round comes on the heels of a sustained period of growth for the company, coinciding with its recent rebranding from its former identity as Forward Kitchens.

Poddar, an alumnus of Columbia University, conceived the company while participating in the Y Combinator Summer 2019 cohort. His inspiration came from observing the subpar online presence of his favorite restaurants, motivating him to address this issue. In 2021, Superorder made headlines by unveiling a $2.5 million seed round. The funds were instrumental in both expanding the company’s reach and assembling a proficient team across various departments, including operations, sales, and engineering, to bolster the initial product offering. Presently, the company boasts a dedicated team comprising over 70 employees.

Subway steps up convenience game with new in-app delivery platform

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September 18, 2023

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Subway has introduced its very own in-app delivery platform, known as Subway Delivers. Rodica Titeica, Director of Marketing for Subway ANZ, expressed that Subway Delivers represents the brand’s newest step forward in ensuring that quick and freshly prepared made-to-order meals are readily accessible to a greater number of Australians.

“We recognise how important convenience and ease of accessibility is in the increasingly busy lives of our customers. With the introduction of the new Subway Delivers in-app delivery service, Subway fans across Australia and New Zealand can get fast and fresh, healthy and convenient meals morning, noon and night,” Titeica said.

Via the Subway app, Subway Delivers offers fans an even more convenient way to order Subway’s famous Subs, salads, cookies, and more for instant delivery. Moreover, it provides the option to pre-order catering platters up to four weeks in advance.

To mark the app’s debut on September 15th, the brand commemorated the occasion by distributing 1,000 complimentary Footlongs at unexpected venues in Brisbane, Sydney, and Auckland.

The celebration continues today, on the 18th of September, offering customers the opportunity to enjoy free delivery via Subway Delivers until the 1st of October.

Teacher’s whisky maker Beam Global witnesses sales surge, but faces widening losses in FY23

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September 18, 2023

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Beam Global, the producer behind Teacher’s whisky and Roku gin, has witnessed a remarkable surge in sales over the last two years, surpassing INR 1,000 crore in FY23. However, the introduction of new products has resulted in an expanded deficit.

During the fiscal year ending in March 2023, sales experienced a notable 54% surge, reaching INR 1,163 crore, in contrast to the INR 756 crore recorded in FY22. According to the most recent filing with the Registrar of Companies, net losses climbed to INR 299.7 crore for the last fiscal year, compared to INR 262.3 crore in the preceding year.

In FY21, it achieved net sales of INR 531 crore but incurred a net loss of INR 201 crore.

In its annual filing, the company stated that it is embarking on a consumer-insights-driven mission to enhance its core business within the House of Suntory, aiming to bolster growth in the premium segments of the whisky category in India.

“The company has outlined a long-term strategic vision and is transforming people capability and building exceptional excellence to strengthen its brand portfolio. This vision is well supported with investments and performance measurement in place across its brands, people, processes, IT capability and expansion of bottling capacity. The company enjoys strong support and confidence from the ultimate parent company and is strengthening its corporate governance by taking various measures,” the filing added.

Over the past three years, Beam Global has debuted a range of products, including Oaksmith Indian whisky, Japanese whiskies The Yamazaki and Hibiki, Roku Japanese gin, and Toki Whisky.

Beam Suntory, the parent company, ranks as the world’s third-largest spirits firm, trailing only Diageo and Pernod Ricard. They have set an ambitious global goal of achieving $1 billion in annual revenues in India by 2030. In the Indian market, Teacher’s stands as the fifth largest scotch brand. Moreover, the company that produces Jim Beam holds sway over more than a third of the American whisky category and exerts dominant control over the entire Japanese whisky segment, boasting a remarkable share of over 95%.

“US whisky has been a bridgehead subcategory for both Brown-Forman, with Jack Daniel’s, and Beam Suntory, with Jim Beam. These two brands accounted for about 1,500 nine-litre cases of 2022 US whisky volumes,” said a IWSR report.

Union Minister Piyush Goyal urges spice industry to explore new markets, aiming for $10 Billion exports by 2030

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September 18, 2023

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Union Minister Piyush Goyal (File Photo)

On Saturday, Union Minister for Commerce and Industry Piyush Goyal emphasized the importance of collaboration within the spice industry to venture into untapped markets, bolster existing ones, and prioritize the development of value-added products, all with the goal of achieving $10 billion in exports by the year 2030.

“Currently our total exports of spices is at USD 4 billion. Rather than exporting spice in the raw form only, we should look for value-added products as we go forward. We should start building up more markets by exploring new markets and strengthening the existing ones. We should look at creating factories for value-added products to reach USD 10 billion exports by 2030 for the spices sector,” Goyal said addressing the World Spice Congress 2023.

Using an illustrative instance, the minister pointed out that during the COVID-19 pandemic, there was a substantial surge in demand for turmeric due to its medicinal attributes. In terms of exports, it possesses the potential to attain a remarkable $2 billion.

“If we focus all our energy on tumeric by developing value-added products, turmeric exports alone have the potential to touch USD 2 billion,” he added.

Additionally, the minister proposed the establishment of ‘Bharat’ as a distinguished brand or certification symbolizing top-tier quality and premium spice products.

“Let’s create a ‘Bharat’ brand or some certification that can help in associating high quality spices products to the country. Don’t export any sub-standard products that can harm the image of the country. The industry should focus on innovation, productivity, sustainability and exclusivity and market spices as a premium product when it goes to the world market,” Goyal said.

Furthermore, Goyal emphasized that there are more than 35 million (or 3.5 crore) individuals of Indian origin residing abroad who possess the potential to significantly contribute to the spice industry.

“Indian diaspora living overseas can help in expanding the spice consumption to others communities. In fact they can become your brand ambassadors and help the industry to grow its market internationally,” he stated.

The minister extended his congratulations to the Spices Board for hosting the Spice Congress after a gap of 7 years. He also urged them to arrange a world-class exposition, symposium, and conference for the spice industry in Delhi in 2024. This event would invite participation from all industry stakeholders, both domestic and international, including competitors and buyers, with the aim of garnering global attention and recognition.

“Spices represent the rich cultural heritage of our country. Therefore, the industry should invite all its competition and buyers from all over the world in larger numbers in the 2024 edition of the World Spice Congress and also make it into an annual event,” he added.

The minister stressed that the spices industry should seize this moment and take additional steps to secure a prominent position in the global market.

“As the biggest producer and consumer of spices, we should also encourage other countries to increase their spices consumption. We have a lot to offer, whether it is saffron from Kashmir or Kerala’s unmatched black pepper, Gujarat’s ginger or Nagaland’s chili, there is so much that India has to offer to the rest of the world. We should work to make India the preferred source of spices,” Goyal added.

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